Sovereign wealth sounds fine in theory …

There is a lot of talk about Australia establishing a sovereign wealth fund. Other resource-rich countries have established them. One of the best known is Norway, but according to the International Monetary Fund, over 20 countries have such funds; and over half of the total assets in these funds are held by countries which are significant oil and gas exporters.

Several business leaders – including the Commonwealth Bank’s Ralph Norris, the ANZ Bank’s Mike Smith and Tabcorp’s Elmer Funke Kupper – have called for Australia to establish a sovereign wealth fund. The reason most commonly cited: we should put away some of the proceeds of the resources boom for a rainy day…………………………………….Full Article: Source